Maybe you’ve heard the saying, “More money, more troubles,” a time or two – but that saying is never more apt than when you’re talking about a high-asset divorce.
While even a divorce with relatively few assets can be complicated by the emotional issues involved, a high-asset divorce requires couples to navigate a lot of complex financial issues. Even in a community property state like California, it can be difficult to determine what assets belong to the marital pot and what assets belong solely to one spouse – and harder still to properly value some of those things that must be divided.
It only makes sense to have the right professionals on board as you approach your high-asset divorce. These include:
A forensic accountant
Financial transparency is required in a divorce, but complicated financial structures can hide assets and make it hard to have a clear understanding of all the marital assets. A forensic accountant can spot unusual spending patterns, trace cash flows, analyze tax returns and more to make sure that both sides are providing a comprehensive picture of their finances.
A certified financial planner
Your post-divorce financial picture will, no doubt, be different – but you shouldn’t go in unprepared. A certified financial planner (CFP) can help you project your post-divorce financial situation and help you understand what kind of budget you’ll have. They can also provide guidance on how to save, invest or plan for your retirement once the divorce is final.
A real estate appraiser
If you have a primary residence, a vacation home, investment property or undeveloped land, accurate valuations are essential before you determine who will keep what, or whether something will be sold. The appraiser can help you understand the fair market value of each property so that they can be accurately figured into the divorce settlement.
A business valuator
Valuing a business involves more than just looking at revenue. It includes examining intangible assets, market conditions, debt, intellectual property and goodwill. A business valuator can help determine a fair and accurate value for the business as part of the financial disclosures.
These may not be the only professionals that should be involved in your divorce – but they’re a start. Legal guidance can help you figure out exactly who else needs to be on your team to protect your interests.